Mutual fund giant Fidelity wrote down the value of its shares in Twitter/X by another 8% during the month of September, according to a new disclosure.
By the numbers: Fidelity, which contributed over $300 million to Elon Musk's $44 billion takeover, decreased the value of its investment by nearly 65% over the first eleven months.
The United Auto Workers union on Saturday announced a tentative contract agreement with Stellantis that would end a six-week strike against the maker of Jeep SUVs and Ram trucks.
Why it matters: The proposed agreement, which comes days after Ford reached a separate deal with the union, brings the historic work stoppage against the Detroit Three one step closer to a complete end.
The funding environment for climate tech has vastly improved from a decade ago, but there's still a huge gap left between early de-risking by venture capitalists and later-stage project financing.
Why it matters: Governments and large corporations — including Big Oil — will be needed to help fill that gap, panelists told me onstage Thursday at a New York Stock Exchange event.
How would you calculate penalties and interest on tax arrears of $29 billion dating back as far as 2004? That's one of the many questions facing the U.S. government as it endeavors to extract a record sum from Microsoft in the largest audit the IRS has ever attempted.
Why it matters: Microsoft seems decidedly sanguine. "We believe we have always followed the IRS' rules and paid the taxes we owe," wrote Daniel Goff, a senior tax executive, in a corporate blog post when the ruling was revealed this month.
National security has both an economic and a military component, and U.S. national security adviser Jake Sullivan is convinced that laissez-faire economic policies have made his country less secure — an opinion that is shared by most lawmakers on both sides of the aisle.
Why it matters: How the U.S. reacts to this state of affairs will have profound consequences for whether global economic peace and prosperity can endure. There are no easy solutions.
